MyPhotopipe.com, Inc. Reports Record Third Quarter Revenues
2 minutes ago - Pr Newswire
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MPPC 0.0050 0.00%
As of 3:47 PM ET 11/25/09
myPhotopipe.com, Inc. (Pink Sheet: MPPC), a web-based online provider of digital photo processing, photo finishing, photo-sharing, and related services, today announced its operating results for the third quarter and first nine months of 2009.
Net revenues for the three months ended September 30, 2009 rose 3.2% to a record $413,261, compared with $400,378 in the third quarter of 2008. For the nine months ended September 30, 2009, revenues decreased modestly to $1,083,118, versus $1,190,321 in the corresponding period of the previous year. The EBITDA loss (earnings before interest, taxes, depreciation and amortization - a non-GAAP measure) for the nine months decreased 33.7% to $108,174, compared with an EBITDA loss of $163,056 in the first nine months of 2008.
"Gross revenues improved in the most recent quarter, as new product offerings and technologies provided customers with greater reasons to frequent the myPhotopipe.com website," stated Bill LeRoy, Chief Financial Officer at the Company. "September revenues, benefiting from the launch of our new Xpress uploader, rose 27% to a new record, compared with a 1.4% increase in year-to-date revenues from ongoing operations. By discontinuing operations in Charlotte near the end of 2008, we negatively impacted this year's third quarter and nine-month revenue comparisons, but we offset that to a great degree by reductions in expenses and growth in our continuing operations."
Over the last several months, the Company has overhauled its operations and strengthened its management team with the addition of two former Kodak executives to head operations and national sales. "This illustrates the aggressive schedule of business development and corporate restructuring initiatives that we have designed to increase revenues, stabilize profitability and enhance shareholder value. Additional initiatives to be implemented in fourth quarter are expected to include revenue-sharing arrangements, new proprietary software applications, increased product offerings, better cash management and upgrades in production equipment."
myPhotopipe.com recently completed a new set of digital tools, one of which enables the Company to partner with "front end" retailers and photo web sites to smoothly send digital images to the Company's national lab, where they are processed into professional quality prints. In addition, the Company opened its new Xpress online ordering system ahead of schedule and continues to develop its revenue-sharing partnerships for "green screen" booths at sports and entertainment venues. To handle increased production, the Company has added a manufacturing line for press-printed products.
About myPhotopipe.com, Inc.
myPhotopipe.com, Inc. is a web-based online provider of digital photo processing, photo finishing, photo-sharing, and related services. The Company's unique blend of 1000 print options, combined with manual print inspections and professional color management, have positioned myPhotopipe.com as one of the fastest-growing providers of digital photography services for professionals and serious amateurs.
The Company is headquartered in Atlanta, Georgia, and its common stock is listed on the OTC Pink Sheets under the symbol "MPPC". Additional information is available on the Internet at www.myPhotopipe.com.
"Safe Harbor" Statement
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding myPhotopipe.com, Inc. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such forward-looking statements.
myPhotopipe.com, Inc. assumes no obligation to update the information contained in this press release. myPhotopipe.com, Inc.'s forward-looking statements in this press release and future results may be materially impacted by any number of factors, any or all of which could have a negative impact on sales, operating results, financial and budgetary constraints. The statements made herein are independent statements of myPhotopipe.com, Inc. The inclusion, if any, of any third parties does not represent an endorsement of any myPhotopipe.com, Inc. products or services by any such third party.
For further information contact Robert E. Quick, Jr. at BQuick@myphotopipe.com or 480-614-2221, or visit the Company's Web site at www.myphotopipe.com.
